Blog Post

During the month of June, the whole cryptocurrency market took a huge tumble. Trading activity dropped across all cryptocurrency markets. The majority of the top ten most traded cryptocurrencies experienced a significant drop in trading volume, ranging from 17% to 57% compared to May 2018. So far, Bitcoin still takes the lead as the most traded cryptocurrency with Ethereum and Ripple taking second and third places respectively. Over the last 30 days, Bitcoin has managed to produce $125.6 billion worth of trade compared to May’s $185 billion trading volume. This represents a 32% loss in Bitcoin’s trading volume. Bitcoin’s price crashes can be linked to recent hacks of South Korean-based cryptocurrency exchange platforms Bithumb and Coinrail where a total of over $71.5 million in cryptocurrency was collectively stolen.

Coinsecure, an Indian cryptocurrency exchange platform, was the first Indian exchange to get hacked. A total of $3 million worth of Bitcoins were lost in the attack. Apart from cyber-crime, the Indian cryptocurrency ecosystem faces a multitude of problems such as Ponzi schemes, fake cryptocurrency websites, apps and social media accounts, and cryptocurrency ransoms. On the bright side, the SEC has announced that Ether, along with BTC, is no longer considered a security. This is great news for the cryptocurrency market considering the fact that Facebook is planning to reverse the ban on cryptocurrency content and ads (at least to some degree). Also, a multitude of new cryptocurrencies have entered the market. They include Binance Coin, SkyCoin, Xaurum, Stratis, Shift, and DOVU, among others.

The Scoop on the Top 5 Cryptocurrencies

Using data from CoinMarketCap.com, we analyzed data for the top 5 cryptocurrencies to include information such as news, prices, and price predictions. The cryptocurrencies in order of market cap ranking include:

Bitcoin

Ethereum

Ripple

Bitcoin Cash

EOS

Bitcoin

Bitcoin News

Bitcoin has fallen by up to 70% from its major high of nearly $20,000 last year. This recent downfall has been brought about by the recent hacking of South Korea’s biggest exchanges, Bithumb and Coinrail, where an estimated $71.5 billion was collectively stolen. Currently, there are reports that over 2.3 million Bitcoin addresses are being tracked and targeted by malware that hijacks the windows clipboard. It is said that during copy-pasting the user’s address, the malware swaps out the users address for the hijacker’s address. For those who fail to double check their addresses, they end up sending their coins to the wrong address and never recovering their Bitcoins.

Bitcoin Price Analysis

At the beginning of the month of June (1st), the price of one Bitcoin opened the market at a value of $7,500.70. On that same day, the value of Bitcoin hit a high of $7,604.73 and a low of $7,407.34. It eventually closed the day at a price of $7,541.45 with a 24-hour trading volume of $4,921,460,000 and a market cap of $128,014,000,000. In the middle of the month, the 15th of June, the price of Bitcoin opened the market at a value of $6,674.08. It hit a high of $6,681.08 and a low of $6,433.87. It eventually closed that day at a market value of $6,456.58 with a 24-hour trading volume of $3,955,390,000 and a market cap of $114,084,000,000. As of the 2nd of July 2018, the price of Bitcoin went for a market value of $6,657.65 with a 24-hour trading volume of $4,460,040,000 and a market cap of $114,029,313,149.

The crypto-market has suddenly added about $26 billion more in Ethereum and Bitcoin assets. This represents an 11% surge in both these crypto-assets. While Ethereum and Bitcoin have recorded a solid 11% price surge, other cryptocurrencies have also undergone slight price surges such as EOS, IOTA, NEO, and Stellar.

Ethereum Price Analysis

At the beginning of the month, the 1st of June, the price of Ethereum opened the market at $578.67. During the same day, the price of Ethereum hit a high of $589.09 and a low of $567.67. It eventually closed the day at a value of $580.04 with a 24-hour trading volume of $1,945,890,000 and a market cap of $57,745,700,000. In the middle of the month, the 15th of June, the price of Ethereum opened the market at a value of $520.48. During the same day, Ethereum’s price hit a high of $521.31 and a low of $487.47. It eventually closed the day at a market price of $491.00 with a 24-hour trading volume of $1,808,270,000 and a market cap of $52,088,900,000. As of the 2nd of July, the price of Ethereum went for a market value of $476.40 with a 24-hour trading volume of $1,850,700,000 and a market cap of $47,849,540,511.

Ripple still remains one of the most popular cryptocurrencies, taking up the third position after Bitcoin and Ethereum. In fact, so popular is XRP that Google trends attests to this fact. Alongside TRON, XRP also happens to be the most searched cryptocurrency in the market (Google Trends). Ripple is well-known for its specialization in cross-border transactions and for being the most sought after in remitting services. Unlike its rising popularity, the value of XRP plummeted in the month of June and recorded a loss of 35%. This is in contrast to April’s gain of 60%.

Ripple Price Analysis

At the beginning of the month, the 1st of June, the price of Ripple opened the market at a price of $0.612893. On the same day, it hit a high of $0.624824 and a low of $0.609069. It eventually closed the market at a price of $0.623364 with a 24-hour trading volume of $263,088,000 and a market cap of $24,019,200,000. In the middle of the month, the 15th of June, the price of Ripple opened the market at a value of $0.560062. On the same day, it hit a high of $0.560062 and a low of $0.534301. It eventually closed the day at a market value of $0.537707 with a 24-hour trading volume of $241,685,000 and a market cap of $21,979,800,000. As of the 2nd of July, the price of Ripple went for a market value of $0.484772 with a 24-hour trading volume of $299,916,000 and a market cap of $19,033,165,446.

SBI Holdings, a Japanese financial powerhouse and Ripple partner, intends to move all its 23 million customers to its new cryptocurrency exchange platform known as VCTRADE. VCTRADE happens to be one of a handful of government-approved exchanges in Japan. Also, CoinText.io, a start-up, has acquired $600,000 in funding to develop a way in which Bitcoin Cash users can send BCH to others without the use of the internet. They intend to develop a system where instant BCH transactions can take place through the use of messages in mobile phones.

Bitcoin Cash Analysis

At the beginning of the month, the 1st of June, the price of Bitcoin Cash opened the market at a price of $995.66. During that same day, it hit a high of $1,010.34 and a low of $979.83. It eventually closed the market at a value of $1,002.92 with a 24-hour trading volume of $538,528,000 and a market cap of $17,084,100,000. In the middle of the month, the 15th of June, the price of Bitcoin Cash opened the market at a price of $896.43. During the same day, it hit a high of $897.09 and a low of $843.08. It eventually closed the day at a price of $849.32 with a 24-hour trading volume of $371,602,000 and a market cap of $15,404,100,000. As of the 2nd of July, the price of Bitcoin Cash went for a market value of $787.81 with a 24-hour trading volume of $560,487,000 and a market cap of $13,562, 456,978.

Launched two weeks ago, EOS has found itself in the middle of a constitutional crisis. Block.one, the company spearheading the project, proposed to scrap the rules governing users’ behavior and replace them with new ones. In short, they want to rewrite the entire EOS constitution. This came after EOS Core Arbitration Forum (ECAF) froze the accounts of 27 participants when their keys got stolen.

EOS Price Analysis

At the beginning of the month, the 1st of June, the price of EOS opened the market at a price of $12.29. On the same day, EOS’ price hit a high of $12.40 and a low of $11.99. It eventually closed the market at a price of $12.31 with a 24-hour trading volume of $1,058,150,000 and a market cap of $10,956,700,000. In the middle of the month, the 15th of June, the price of EOS opened the market at a price of $11.29. During the same day, the price of EOS hit a high of $11.29 and a low of $10.57. It eventually closed the market at a price of $10.66 with a 24-hour trading volume of $936,733,000 and a market cap of $10,118,600,000. As of the 2nd of July, the price of EOS went for a price of $8.77 with a 24-hour trading volume of $941,540,000 and a market cap of $7,861,704,419.

EOS Price Predictions

According to Walletinvestor.com, the price prediction of EOS for the end of the year is $23.823. Their prediction for the next five years is $93.604. According to Andreas Kaplan of Smartereum.com, the price of EOS is predicted to hit a high of $37 by the end of the year. His price prediction for the year 2023 is $143.

Conclusion

The future of cryptocurrencies remains positive. With major cryptocurrencies such as Bitcoin and Ethereum showing gains as of July, one can only hope that the future promises even more gains. If you are excited about the future of cryptocurrencies, we encourage you to check out our gold price-backed DinarCoins that combine both the blockchain and the price of gold. You can find more information regarding the DinarCoin and our other gold and blockchain-based products on our official website here.